AFFLUENCE SHARES Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) All these four petitions arise in the common factual background. We may record the facts from Special Civil Application No. 20954 of 2017.

(2.) The petitioner has challenged notice dated 29th March 2017 issued by the respondent-Assessing Officer seeking to re-open the petitioner's assessment for AY 2010-2011.

(3.) The petitioner is a private limited company and is engaged in the business of share broking. For the assessment year 2010-2011, the petitioner had filed return of income on 31st July 2010 declaring total income of Rs. 9,02,730/=. Such return was processed under Section 143 of the Income-tax Act, 1961 ["the Act" for brevity] and accepted without any scrutiny. To reopen such assessment, the Assessing Officer issued the impugned notice.